SkyAcres

Ishaan, a biomedical engineer from Surrey, British Columbia, pitched SkyAcres, asking for $500,000 for 8% of the company. SkyAcres sells vertical growing systems, using misting technology adapted from medical device research, that let farmers convert unused barn space into smart farms; a basic three-rack system costs $600, compared to commercial vertical farming systems that start at $200,000 to $300,000. The company earns money through equipment sales at a 35-40% profit margin, a 15% royalty on transactions through its marketplace connecting growers to stores and restaurants, and packaging sales, with farmers reportedly earning 47% margins after fees; in about five months of activity the company brought in $450,000 in revenue and has $3 million in equipment orders in its pipeline, with a three-shelf farm projected to generate $730 in monthly revenue for a farmer.

Arlene Dickinson went out, saying the vertical farming space has not yet proven a scalable, financially viable model. Brian Scudamore went out citing the business as too early stage. Michele Romanow went out because she was already invested in the vertical farming space. Manjit Minhas went out saying the business was not growing on her at this stage. Wes Hall went out for now but said he would consider it once it proved out at scale. No deal was made.

We haven’t confirmed whether SkyAcres is still operating.